CapitalSouth Bancorp of Birmingham, Ala., announced Thursday that it has agreed to buy the $228 million-asset Monticello Bancshares Inc. of Jacksonville, Fla., for about $34 million in cash and stock.
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The $481 million-asset CapitalSouth would also assume $8 million of Monticello debt.
The privately held Monticello has two branches, both in Jacksonville. CapitalSouth has eight branches in Alabama and one in Jacksonville.
W. Dan Puckett, CapitalSouth's chairman and chief executive officer, said in a press release, "We believe this represents a great opportunity to expand our presence in the Jacksonville market with an institution that has a significant deposit and lending operation in place."
The deal is expected to close in the third quarter.
